As some of you may know, I am writing a business proposal for a natural beauty product line from organic products in India. I have learned a lot about the Health and Beauty industry, specifically dealing with organic products. Here is an update on some of my work now:
Business Title & Logo:
While immersed in my research I came up with a name for my company. I don’t know if I want to keep this name or the logo I have above, but I named it Arogya. Arogya means ‘Health’ in Kannada, which is the native language in the state Karnataka. (This is the state I want my company to be based) Karnataka is a big state with 30 districts, however, I want to centralize my company in the South, close to the Kaveri River.
My target market is focusing on customers who buy natural beauty products. In fact, according to a recent study titled ‘Organic Personal Care Products Market for Skin Care, Hair Care, Oral Care and Cosmetics—Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012–2018,’ the global demand for natural beauty products are expected to grow a CAGR (Compounded annual growth rate) of 9.6% and reach over 13 billion by 2018. This current growth trend is because of greater concern to health and personal hygiene.
Speaking specifically to North America, which is where Arogya intends to sell its products, it has a very high percentage of global demand. In 2011 alone, North America accounted for 32.1% of the global demand intended to grow at a CAGR of 9.8%. The United States in specific was the largest market for natural beauty products estimated to grow at a CAGR of 10.2%. The study credits this increase in consumption of natural beauty products to greater awareness and widening distribution channels by new product launches. Essentially, this means that there are many new products that are being sold through different venues that are accredited to this new trend of natural beauty products.
Clearly there is a demand for natural beauty products and currently, I am doing more research on how to differentiate my products from the leading organic product companies. Stay tuned on that for next week!